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Business Segment Information
 3 Months Ended
Mar. 31, 2016
Segment Reporting [Abstract]  
Business Segment Information
Business Segment Information
The Company’s reportable business segments are:
Private Banks – provides investment processing and investment management programs to banks and trust institutions, independent wealth advisers and financial advisors worldwide;
Investment Advisors – provides investment management programs to affluent investors through a network of independent registered investment advisors, financial planners and other investment professionals in the United States;
Institutional Investors – provides investment management programs and administrative outsourcing solutions to retirement plan sponsors, hospitals and not-for-profit organizations worldwide;
Investment Managers – provides investment operations outsourcing solutions to fund companies, banking institutions and both traditional and non-traditional investment managers worldwide; and
Investments in New Businesses – focuses on providing investment management programs to ultra-high-net-worth families residing in the United States; developing internet-based investment services and advice solutions; entering new markets; and conducting other research and development activities.
The information in the following tables is derived from the Company’s internal financial reporting used for corporate management purposes. There are no inter-segment revenues for the three months ended March 31, 2016 and 2015. Management evaluates Company assets on a consolidated basis during interim periods. The accounting policies of the reportable business segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.
The following tables highlight certain financial information about each of the Company’s business segments for the three months ended March 31, 2016 and 2015.
 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended March 31, 2016
Revenues
$
113,361

 
$
76,679

 
$
72,897

 
$
69,918

 
$
1,408

 
$
334,263

Expenses
103,741

 
44,774

 
35,382

 
45,275

 
5,232

 
234,404

Operating profit (loss)
$
9,620

 
$
31,905

 
$
37,515

 
$
24,643

 
$
(3,824
)
 
$
99,859

Gain on sale of subsidiary
2,791

 
—

 
—

 
—

 
—

 
2,791

Segment profit (loss)
$
12,411

 
$
31,905

 
$
37,515

 
$
24,643

 
$
(3,824
)
 
$
102,650


 
Private
Banks
 
Investment
Advisors
 
Institutional
Investors
 
Investment
Managers
 
Investments
In New
Businesses
 
Total
 
For the Three Months Ended March 31, 2015
Revenues
$
111,213

 
$
74,015

 
$
73,548

 
$
65,367

 
$
1,301

 
$
325,444

Expenses
99,256

 
39,059

 
35,211

 
40,623

 
4,866

 
219,015

Operating profit (loss)
$
11,957

 
$
34,956

 
$
38,337

 
$
24,744

 
$
(3,565
)
 
$
106,429

Gain on sale of subsidiary
2,791

 
—

 
—

 
—

 
—

 
2,791

Segment profit (loss)
$
14,748

 
$
34,956

 
$
38,337

 
$
24,744

 
$
(3,565
)
 
$
109,220


A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015 is as follows: 
 
2016
 
2015
Total operating profit from segments
$
99,859

 
$
106,429

Corporate overhead expenses
(13,047
)
 
(13,359
)
Income from operations
$
86,812

 
$
93,070



The following tables provide additional information for the three months ended March 31, 2016 and 2015 pertaining to our business segments: 
 
Capital Expenditures (1)
 
Depreciation
 
2016
 
2015
 
2016
 
2015
Private Banks
$
8,712

 
$
8,502

 
$
3,181

 
$
3,097

Investment Advisors
2,852

 
3,318

 
976

 
838

Institutional Investors
796

 
947

 
334

 
303

Investment Managers
1,322

 
2,048

 
1,190

 
999

Investments in New Businesses
94

 
151

 
548

 
563

Total from business segments
$
13,776

 
$
14,966

 
$
6,229

 
$
5,800

Corporate overhead
310

 
409

 
218

 
195

 
$
14,086

 
$
15,375

 
$
6,447

 
$
5,995

(1) Capital expenditures include additions to property and equipment and capitalized software.
 
Amortization
 
2016
 
2015
Private Banks
$
7,711

 
$
7,251

Investment Advisors
2,553

 
2,400

Institutional Investors
399

 
375

Investment Managers
266

 
250

Investments in New Businesses
26

 
25

Total from business segments
$
10,955

 
$
10,301

Corporate overhead
57

 
57

 
$
11,012

 
$
10,358